SBI likely to slash minimum balance requirement

The State Bank of India is likely to reduce the minimum balance requirement to Rs 1,000 from the current Rs 3,000 in urban areas.

SBI had initially raised the minimum balance requirement to Rs 5,000 in June.

However, following public discontent the bank brought down the minimum balance requirement to Rs 3,000 in metros, Rs 2,000 in semi-urban and Rs 1,000 in rural centres.

India’s largest bank suffered a huge backlash last week when the finance ministry data revealed that it collected Rs 17.72 billion, more than its second-quarter profit, from customers for non-maintenance of monthly average balance in savings accounts in eight months of the financial year 2017-18.

SBI is also changing the requirement from monthly average balance to quarterly average balance.

(Agencies)

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